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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 48.7x - 53.8x | 51.3x |
Selected Fwd EBIT Multiple | 21.0x - 23.2x | 22.1x |
Fair Value | ₹235.93 - ₹260.30 | ₹248.11 |
Upside | -39.4% - -33.1% | -36.3% |
Benchmarks | Ticker | Full Ticker |
Micropro Software Solutions Limited | MICROPRO | NSEI:MICROPRO |
Aurum PropTech Limited | AURUM | NSEI:AURUM |
Southern Infoconsultants Limited | 540174 | BSE:540174 |
Starcom Information Technology Limited | 531616 | BSE:531616 |
TAC Infosec Limited | TAC | NSEI:TAC |
SoftTech Engineers Limited | SOFTTECH | NSEI:SOFTTECH |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
MICROPRO | AURUM | 540174 | 531616 | TAC | SOFTTECH | ||
NSEI:MICROPRO | NSEI:AURUM | BSE:540174 | BSE:531616 | NSEI:TAC | NSEI:SOFTTECH | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | 92.2% | -10.6% | |
3Y CAGR | NM- | NM- | NM- | NM- | 169.3% | -8.0% | |
Latest Twelve Months | -132.5% | 47.4% | 102.7% | 20.1% | 153.0% | -26.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 19.3% | -59.3% | -0.2% | -142.4% | 44.6% | 12.9% | |
Prior Fiscal Year | 24.0% | -32.3% | 0.5% | -259.8% | 55.0% | 10.2% | |
Latest Fiscal Year | -7.2% | -13.8% | 1.3% | -125.6% | 53.0% | 6.2% | |
Latest Twelve Months | -7.2% | -13.8% | 1.3% | -125.6% | 53.0% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.88x | 8.06x | 0.57x | 14.35x | 29.15x | 5.29x | |
EV / LTM EBITDA | 52.6x | 46.3x | 25.6x | -13.0x | 54.1x | 22.6x | |
EV / LTM EBIT | -12.2x | -58.5x | 43.4x | -11.4x | 54.9x | 84.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -58.5x | -11.4x | 54.9x | ||||
Historical EV / LTM EBIT | 13.5x | 23.2x | 84.9x | ||||
Selected EV / LTM EBIT | 48.7x | 51.3x | 53.8x | ||||
(x) LTM EBIT | 59 | 59 | 59 | ||||
(=) Implied Enterprise Value | 2,891 | 3,043 | 3,195 | ||||
(-) Non-shareholder Claims * | 57 | 57 | 57 | ||||
(=) Equity Value | 2,948 | 3,100 | 3,252 | ||||
(/) Shares Outstanding | 12.8 | 12.8 | 12.8 | ||||
Implied Value Range | 229.97 | 241.84 | 253.71 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 229.97 | 241.84 | 253.71 | 389.25 | |||
Upside / (Downside) | -40.9% | -37.9% | -34.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MICROPRO | AURUM | 540174 | 531616 | TAC | SOFTTECH | |
Enterprise Value | 199 | 23,804 | 74 | 438 | 9,047 | 4,932 | |
(+) Cash & Short Term Investments | 133 | 679 | 33 | 4 | 0 | 411 | |
(+) Investments & Other | 4 | 70 | 14 | 0 | 0 | 56 | |
(-) Debt | 0 | (2,733) | 0 | (157) | 0 | (419) | |
(-) Other Liabilities | 0 | (101) | 0 | 0 | 0 | 10 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 336 | 21,718 | 122 | 285 | 9,047 | 4,990 | |
(/) Shares Outstanding | 14.3 | 115.3 | 5.0 | 5.0 | 10.5 | 12.8 | |
Implied Stock Price | 23.50 | 188.38 | 24.25 | 57.00 | 863.30 | 389.25 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 23.50 | 188.38 | 24.25 | 57.00 | 863.30 | 389.25 | |
Trading Currency | INR | INR | INR | INR | INR | INR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |